MONTREAL, Nov. 09, 2021 (GLOBE NEWSWIRE) – Stella-Jones Inc. (TSX: SJ) (âStella-Jonesâ or the âCompanyâ) today announced that the Toronto Stock Exchange (âTSXâ) has accepted its Notice of Intent to Make a Normal Course Issuer Bid (the âNoticeâ). Pursuant to the notice, Stella-Jones may, during the 12-month period beginning November 12, 2021 and ending November 11, 2022, purchase for cancellation up to 4,000,000 common shares, representing approximately 8 % of the free float of its ordinary shares. . As of October 31, 2021, Stella-Jones had 64,485,647 common shares issued and outstanding. As approved by the TSX, the Company has been authorized to purchase for cancellation up to 3,500,000 common shares during the 12-month period beginning August 10, 2020 and ending August 9, 2021. During this period period, the Company purchased 3,057,326 Common Shares through the facilities of the TSX at a weighted average price of $ 45.40 per Common Share, for total consideration of $ 138,796,156.
The notice provides that purchases under the normal course issuer bid will be made on the open market through the TSX. The average daily trading volume (the âTVADâ) of Common Shares on the TSX for the six-month period ended October 31, 2021 was 175,851 Common Shares and, therefore, in accordance with the requirements of the TSX, the limit d The daily purchase under the TSX public tender offer will be 43,962 common shares, representing 25% of ADTV, subject to certain prescribed exceptions. The price that Stella-Jones will pay for any Common Share acquired by Stella-Jones under the normal course issuer bid will be the price of the Common Shares at the time of acquisition. Purchases will be made at the discretion of management. In addition, Stella-Jones has set up an automatic stock purchase plan with its designated broker as part of the normal course buyback offer to allow, if Stella-Jones deems it desirable, to ” buy stocks during self-imposed blackout periods.
The board of directors of Stella-Jones believes that the repurchase of common shares, which Stella-Jones may make from time to time, represents an attractive and responsible investment of capital and is in the best interests of Stella-Jones.
Stella-Jones Inc. (TSX: SJ) is a leading producer and distributor of pressure treated wood products. The Company supplies power poles to North American electrical and telecommunications utilities, and mainland railroad operators with railway ties and lumber. Stella-Jones also manufactures and distributes residential lumber and accessories to retailers for exterior applications, as well as industrial products for construction and marine applications. The Company’s common shares are listed on the Toronto Stock Exchange.
ATTENTION REGARDING FORWARD-LOOKING INFORMATION
With the exception of historical information provided here, this press release may contain information and statements of a forward-looking nature concerning the future performance of the Company. These statements are based on assumptions and uncertainties as well as on management’s best possible assessment of future events. These factors may include, without excluding other considerations, general economic and business conditions (including the impact of the coronavirus pandemic), changes in customer demand for the Company’s products and services, prices product sales, the availability and cost of raw materials, changes in exchange rates and the Company’s ability to raise capital. Therefore, readers are cautioned that actual results may differ from expected results. Unless required by applicable securities legislation, the Company assumes no obligation to update or revise forward-looking statements to reflect new information, future events or other changes after the date. hereof.